Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
$\begin{array}{lrll}
\text { Apr. } & 1 & \text { Beginning inventory }& \text { 90 units@\$40} \
& 8 & \text { Sales } &\text { 70 units}\
& 17 & \text { Purchases }& \text { 150 units \$ 4}\
& 24 & \text { Sales }&\text { 110 units}\
& 30 & \text { Purchases }&\text { 60 units\$ 44 }
\end{array}$

Question

Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
 $\begin{array}{lrll}
\text { Apr. } & 1 & \text { Beginning inventory }& \text { 90 units@\$40} \
& 8 & \text { Sales } &\text { 70 units}\
& 17 & \text { Purchases }& \text { 150 units  \$ 4}\
& 24 & \text { Sales }&\text { 110 units}\
& 30 & \text { Purchases }&\text { 60 units\$ 44 } 
\end{array}$

Quizplus · Accepted Answer

The Answer of Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
 $\begin{array}{lrll}
\text { Apr. } & 1 & \text { Beginning inventory }& \text { 90 units@\$40} \
& 8 & \text { Sales } &\text { 70 units}\
& 17 & \text { Purchases }& \text { 150 units  \$ 4}\
& 24 & \text { Sales }&\text { 110 units}\
& 30 & \text { Purchases }&\text { 60 units\$ 44 } 
\end{array}$

Use the Following Information to Calculate Cost of Goods Sold